If the offer is accepted, you have a period of time that you stipulate in the contract to do a home inspection, after the inspection is done, the only way that I know to get out is if the seller either refuses to fix the items at issue or if they will not reduce the price.

Can I stipulate that the final selling price is the appraised value or the selling price in the lease option agreement, whichever is lower?

This is where you negotiate and try to come to a compromise that makes both of your happy.If you start with his contract, what specific stipulations and clauses do you have an issue with?

I've been reading the posts and I guess I'm confused on exactly what stipulations ar necessary in Texas.

Any sneaky things to "get around" the bank stipulations are likely loan fraud.

You could maybe get your 5 units in one building.This is always a good idea if your desire is to gain more doors rapidly, keeping in mind that when you jump above 4 unit buildings, the loans are considered "commercial" and different rules and stipulations will apply.

Each state has events ofwithdrawl stipulated in the LLC statutes, follow those.

You are not buying this property from BoA before it forecloses, you are really trying to get BoA to approve sale of this property from this friend to you at a discounted payoff amount ("short sale").If this does become a short sale trascation that closes, the short selling lender (BoA in this case) will issue an approval letter that will have certain stipulations; among those stipulations there will typically be wording that says the transaction must be "arms length" (your arrangement might miss meeting this), and there will typically be wording that says the seller (your friend) will in no way gain from the transaction (the option to buy back could violate this, as well as letting the seller stay as a tenant).Proceed with caution ...

Sellers are not stupid and will call around and have an idea of what rates agents are typically charging.The commission IS NOT the agents.The check comes to me unless I authorize and instruct the closing attorney (state of Georgia) to pay the agent directly and then send me a separate check for my fees.Also in the IC agreement (Independant Contractor) agreement I can stipulate a minimum amount agents can go after for listing agreements.Any amount under that it is coming out of their commission.So if company policy is a minimum of 6 then if they agree to five and they are on a 70/30 split the 30 will be based off of a 6% commission reducing their 70% payout.

You make sure that the details of the fees are in the lease/contract the tenant signs, and if they don't pay the fees owed, you evict them (just like if they don't pay the rent owed).In fact, it should be stipulated that rent payments from future months be applied first to outstanding balances, so in reality, they will be short on their rent payments, and not on their late fees (in other words, the rent payments cover the fees and then they are short on rent).